Jack Reed actually said...

So one of the aspects of creating this new--and we all understand this is not going to happen next year, this is a phased adaptation going forward--would be to provide investor protections, but perhaps not in the same way that is done presently by the SEC and private labels, but to work both of those features in, the rapidity, the liquidity, the ease, the uniformity with the investor protections.

08/02/2011

https://www.congress.gov...

More Jack Reed Quotes

"And that is something that we have had in the United States, but this is a new aspect for Basel III for the whole community."
"One of the flaws with Basel II was that there was a great deal of reliance on internal risk models, that banks were essentially grading themselves on their capital."
"We do not have any legal obligation. It is not a treaty."
"Most of us consider American capital markets to be the best in the world."

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